Story (IP)

System: Story — Consumer Platforms and Media

Story provides creators, rights-holders, developers and licensees with contracts for intellectual property registration, licence attachment, derivative registration and royalty claims. The public mainnet launched in 2025 as a purpose-built Layer 1 (L1) using validator-operated consensus and Ethereum Virtual Machine-compatible execution. The boundary includes the Story L1, native IP gas and staking, core IP Asset, Licensing, Royalty and Dispute contracts, the Programmable IP Licence (PIL), Story Foundation, Security Council, governance multisigs, and material core development functions.

Market Data

Price$0.290461
Market Cap$103.61M
Fully Diluted Valuation$299.24M
30d Change-8.81%
365d Change-90.88%

Token Functionalities

Governance

  • Actor Set Permissioning (Unilateral)

    Right to reweight validator actors by staking, delegating, redelegating or withdrawing IP. Valid delegation transactions update validator weight under protocol rules without a discretionary executor, so the direct validator-weighting mechanism is Unilateral. Changes to active-set size or weighting rules remain governed through participant and entity-controlled upgrade paths.

  • Economic Design/Parameter Control (Partial)

    Right to accept or reject fork-level changes to Story’s economic design, including emissions, fee logic, staking economics and slashing economics, through validator client adoption. The execution path is not automatic on-chain: releases are proposed and reviewed through developer, Security Council and Foundation processes, and validators adopt or refuse compatible clients. That dependency makes the strength Partial.

  • Technical Parameter Control (Partial)

    Right to accept or reject changes to the L1 codebase, consensus client, execution integration or core technical architecture by adopting or refusing client software. The right-holder is a role-gated validator staking IP. Execution depends on release publication, review and validator coordination rather than a non-discretionary token vote, so the live strength is Partial.

Service Provision

  • Block/State Attestation

    Right to attest proposed blocks and state validity through consensus signatures that Story treats as authoritative. The right-holder is an active validator that stakes IP and operates the required node software. This is distinct from transaction sequencing because it concerns block or state attestation under consensus rather than proposer ordering.

  • State Transition Execution and Transaction Sequencing

    Right to execute Story state transitions and determine transaction inclusion or ordering when selected as an active validator or block proposer. This right is activated by holding and staking IP, operating validator clients and entering the validator role.

Payments

  • Native Resource Fee (Strong)

    Right to consume Story L1 execution by paying IP as the system-enforced gas token. Story identifies IP as the native L1 token and states that all Story transactions require IP as gas. Wrapped IP (WIP) is a simple ERC-20-compatible representation for contract interactions.

Value Distribution

  • Burn Entitlement (Algorithmic or Guaranteed)

    Right to benefit from increased proportional ownership when Story operations permanently burn IP. The base-fee burn is enforced by protocol rules rather than paid at the entity's discretion, so the value-distribution strength is Algorithmic or Guaranteed. This is separate from staking issuance, which is compensation tied to validator or delegator service and slashing exposure.

Collateral

  • Performance-Bond

    Right to post IP as forfeitable surety. One instance is validator or delegator staking, where IP can be slashed for rule-verified validator misconduct or underperformance. A second instance is dispute assertion or counter-assertion, where WIP, as a wrapper of IP, is bonded and may be redistributed according to the dispute outcome.

System Attributes

Operating Model

<p>Story&nbsp;has&nbsp;a&nbsp;Hybrid&nbsp;Operating&nbsp;Model.&nbsp;Story’s&nbsp;on-chain&nbsp;side&nbsp;is&nbsp;the&nbsp;L1&nbsp;validator&nbsp;network,&nbsp;native&nbsp;IP&nbsp;gas&nbsp;and&nbsp;staking,&nbsp;and&nbsp;deployed&nbsp;IP&nbsp;Asset,&nbsp;Licensing,&nbsp;Royalty&nbsp;and&nbsp;Dispute&nbsp;contracts.&nbsp;Validators&nbsp;and&nbsp;contract&nbsp;users&nbsp;can&nbsp;interact&nbsp;with&nbsp;the&nbsp;network&nbsp;without&nbsp;relying&nbsp;on&nbsp;a&nbsp;single&nbsp;custodial&nbsp;operator.&nbsp;The&nbsp;off-chain&nbsp;side&nbsp;remains&nbsp;material&nbsp;because&nbsp;the&nbsp;Programmable&nbsp;IP&nbsp;Licence&nbsp;(PIL)&nbsp;supplies&nbsp;the&nbsp;legal&nbsp;interface&nbsp;for&nbsp;licence&nbsp;terms,&nbsp;the&nbsp;Story&nbsp;Foundation&nbsp;controls&nbsp;legal&nbsp;and&nbsp;treasury&nbsp;components,&nbsp;the&nbsp;Security&nbsp;Council&nbsp;and&nbsp;governance&nbsp;multisigs&nbsp;administer&nbsp;privileged&nbsp;contract&nbsp;functions,&nbsp;and&nbsp;PIP&nbsp;Labs&nbsp;performs&nbsp;material&nbsp;core-development&nbsp;work.&nbsp;These&nbsp;off-chain&nbsp;components&nbsp;affect&nbsp;delivery,&nbsp;security&nbsp;and&nbsp;enforceability,&nbsp;so&nbsp;the&nbsp;system&nbsp;is&nbsp;not&nbsp;classified&nbsp;as&nbsp;a&nbsp;purely&nbsp;on-chain&nbsp;protocol.</p>

Value Creation

<p>Stroy&nbsp;has&nbsp;Hybrid&nbsp;Value&nbsp;Creation.&nbsp;On-chain&nbsp;value&nbsp;creation&nbsp;occurs&nbsp;through&nbsp;the&nbsp;Story&nbsp;L1&nbsp;and&nbsp;contracts:&nbsp;users&nbsp;register&nbsp;IP&nbsp;Assets,&nbsp;attach&nbsp;licence&nbsp;terms,&nbsp;mint&nbsp;License&nbsp;Tokens,&nbsp;register&nbsp;derivatives,&nbsp;route&nbsp;royalties&nbsp;through&nbsp;IP&nbsp;Royalty&nbsp;Vaults,&nbsp;and&nbsp;raise&nbsp;disputes&nbsp;through&nbsp;the&nbsp;Dispute&nbsp;Module.&nbsp;These&nbsp;contracts&nbsp;create&nbsp;the&nbsp;programmable&nbsp;records,&nbsp;rights&nbsp;objects&nbsp;and&nbsp;settlement&nbsp;paths&nbsp;used&nbsp;by&nbsp;applications&nbsp;and&nbsp;rights-holders.&nbsp;Off-chain&nbsp;value&nbsp;creation&nbsp;is&nbsp;also&nbsp;material&nbsp;because&nbsp;the&nbsp;Programmable&nbsp;IP&nbsp;Licence&nbsp;(PIL)&nbsp;gives&nbsp;licence&nbsp;configurations&nbsp;a&nbsp;legal&nbsp;form,&nbsp;and&nbsp;dispute&nbsp;outcomes&nbsp;can&nbsp;depend&nbsp;on&nbsp;external&nbsp;review&nbsp;or&nbsp;arbitration&nbsp;processes&nbsp;connected&nbsp;to&nbsp;the&nbsp;on-chain&nbsp;dispute&nbsp;state.&nbsp;The&nbsp;core&nbsp;product&nbsp;is&nbsp;therefore&nbsp;created&nbsp;by&nbsp;a&nbsp;combination&nbsp;of&nbsp;contracts,&nbsp;validators,&nbsp;legal&nbsp;instruments&nbsp;and&nbsp;off-chain&nbsp;governance&nbsp;or&nbsp;review&nbsp;actors.</p>

Value Capture

<p>Stroy&nbsp;has&nbsp;Hybrid&nbsp;Value&nbsp;Capture&nbsp;and&nbsp;Routing.&nbsp;On-chain&nbsp;value&nbsp;routes&nbsp;include&nbsp;IP&nbsp;gas&nbsp;paid&nbsp;by&nbsp;transaction&nbsp;users,&nbsp;base-fee&nbsp;burns,&nbsp;priority&nbsp;fees&nbsp;to&nbsp;block&nbsp;proposers,&nbsp;staking&nbsp;rewards&nbsp;to&nbsp;validators&nbsp;and&nbsp;delegators,&nbsp;royalty&nbsp;payments&nbsp;to&nbsp;IP&nbsp;Royalty&nbsp;Vaults&nbsp;and&nbsp;dispute&nbsp;bonds&nbsp;routed&nbsp;according&nbsp;to&nbsp;dispute&nbsp;outcomes.&nbsp;These&nbsp;flows&nbsp;benefit&nbsp;IP&nbsp;holders,&nbsp;validators,&nbsp;delegators,&nbsp;IP&nbsp;owners,&nbsp;Royalty&nbsp;Token&nbsp;holders,&nbsp;ancestor&nbsp;IP&nbsp;vaults&nbsp;and&nbsp;dispute&nbsp;winners.&nbsp;Off-chain&nbsp;entity&nbsp;routing&nbsp;is&nbsp;also&nbsp;material:&nbsp;Story&nbsp;Foundation&nbsp;and&nbsp;authorised&nbsp;actors&nbsp;can&nbsp;route&nbsp;Community&nbsp;Pool&nbsp;assets,&nbsp;Administrative&nbsp;Budget&nbsp;Wallet&nbsp;assets&nbsp;and&nbsp;token-allocation&nbsp;or&nbsp;unlock&nbsp;value&nbsp;to&nbsp;ecosystem&nbsp;recipients,&nbsp;service&nbsp;providers,&nbsp;employees,&nbsp;backers&nbsp;or&nbsp;contributors.</p>